Money Back Guarantee Scams to Watch Out For in 2017
Okay so the new year for many is a time to make a change of sorts. For some it’s a milestone to break a bad habit or maybe start a good one. For others a gym membership or change of diet. For many it’s a great time to start that online business venture they have been planning for months. Unfortunately the new year is also a time for internet sharks to raise their ugly heads looking for new prey and one such way they will be doing it this year is by offering a new twist on the Money Back Guarantee Scams.
Most of us are aware of a 14 or 30 day money back guarantee being available on most online courses that are offered. This has been seen as pretty much standard when trying out a new money making course and although it is never enough time to try a product out fully it does allow for any rash purchases to be reimbursed.
I have also seen some 60 and 90 day money back guarantees on some courses which is a much fairer option as any online business will take at least three months to show any sign of success.
The ones I am aware of were on relatively low priced products though with the idea being that the purchaser would be initially tempted by the longer guarantee and low price and then after two or three months forget the whole idea and not even bother claiming back their small investment.
But now we have something even more cunning emerging. It is not a brand new concept as it has been circulating for a year or so but 2017 will definitely show a big increase in this tactic. It has been well worked in the states already and last year a couple of big UK Internet Marketeers pushed it constantly.
So what is it? Well in simple terms it is dressed up as “Make no money after 12 months and I/we will refund all your money PLUS give you an extra £xxxx” (whatever amount they want to offer)
Yes, I know, it sounds amazing doesn’t it? And who wouldn’t want to sign up to an offer like that?
Sadly it isn’t quite what it says on the tin. I have seen this offer promoted in two different ways here in the UK.
Method #1: The buyer is sent a long enticing letter usually by email although some still tend to use the postal method. The letter explains how this particular Internet Marketer is going to Mentor you for twelve months at no cost. That’s right not a penny and only when you make a certain amount of money will they take a small percentage from you.
Method#2: This time the buyer is sent an invitation to attend a completely free Entrepreneur conference where they will be told all the details. Attending a conference increases the buyers perception of the credibility of the course and leads them to believe they are part of something pretty special here.
The selling carrot of both the above is that you will be mentored and taught by an experienced online marketer who has himself made thousands by doing the very same thing he is about to teach you.
What’s more they will even offer you a full refund plus a bit on top if you make no money after twelve months.
They do ask for some initial investment though with some excuse about this being for set up costs, ongoing tools, licensing rights etc and this can be either a few thousand upfront or a monthly subscription.
The cost of the course is usually only declared once you are at the final stage and is also usually offered with some pressure tactic such as ‘limited availability’ or ‘introductory price only’.
So what have you got to lose? You’ve signed up to the subscription or paid upfront and if you don’t make any money you’ll get all your initial investment back plus some money on top. How could you possibly lose?
Very easily is the answer. These guarantees come with some specific terms that are either hidden amongst some very small print or even not mentioned at all until you come to claim your refund.
Two of the conditions are common throughout all these courses.
Condition One: You must be able to prove you have followed all steps and instructions to the letter. Now most of these courses involve a lot of technical learning and also additional expense.
Being a newbie it is very likely that you have not followed each and every step to the letter and therefore forfeited your right to a refund.
Condition Two: You must have made no money at all during those twelve months and that means NO MONEY at all: not even a penny.
Now the reality is if you followed all the instructions (as best as you could anyway) you will make a few quid along the way. Never mind the fact that you have invested a few thousand to make pennies the fact that you have made at least some money voids your guarantee.
So now how attractive does this money back guarantee look to you? It’s such a shame that so many will fall into the trap of shelling out a big chunk to sign up to these courses only to realise way too late that it isn’t quite what they thought it would be.
I have a feeling that our Muslim Entrepreneur community will also become a target of this. So please share this post and watch out for these dubious tactics being pushed more and more throughout this year.
If you are tempted to sign up to one of these then please ask the conditions and terms beforehand. Any reputable Internet Marketer will happily provide this information beforehand. If they are evasive or secretive about this then my advice is stay well clear.